Presented without comment, the European Union’s official – though unpublished – account on the nature of the sovereign CDS market, its impact upon bond spreads, both theoretical and empirical, with specific regard to Greece, 2008-10 in full.

Not that that many external investors have been beneficiaries, of course. A third of Paulson & Co’s $36bn in assets under management may well be denominated in the gold share classes, but a lot of that is Mr Paulson’s — and some of his employees’ – own wealth (employees of the firm now account for 42 per cent of capital). According to the firm’s investor letter: “Approximately 178 of our investors, representing about 31 % of our investors and 38% of our AUM, have elected to be in our Gold Share classes.”

A new computer-driven fund.

As has been reported elsewhere previously, Hendry’s mechanism for such a trade is part of what makes it interesting. He’s shorting China, via Japan.

The firm now manages a titanic $50.9bn according to AR. Its nearest rival is JP Morgan – the bank – which manages around $41.1bn in hedge funds connected to its Highbridge business.

Just in… some more ambulance chasing August equity market victims:

Credit Suisse announced today that its Asset Management division has agreed to acquire a minority interest in York Capital Management (“York”), a leading global hedge fund manager, based in New York. York will continue to operate independently and will continue to be led by Jamie Dinan, founder and Chief Executive Officer, Dan Schwartz, Chief Investment Officer, and the firm’s senior management team.

PSQR has only been going since 2008, when Pellegrini (who masterminded Paulson & Co’s short US subprime uber-trade) somewhat suddenly left the totemic fund manager.